LONDON — Yuyuan Jewelry & Fashion Group, a subsidiary of Chinese conglomerate Fosun International, has signed a joint venture agreement with Italian jeweler Damiani Group to accelerate the expansion of Damiani and its more affordable brand Salvini in China.
Yuyuan will hold 55 percent of the JV, which will be in operation from the fourth quarter of 2020, and will be the exclusive distributor of the two brands in the Greater China region. It aims to open more than 10 Damiani flagships and around 100 Salvini stores. Damiani now has one store in Shanghai and two in Beijing.
Xiaoliang Xu, chairman of Yuyuan and co-chief executive officer at Fosun, said the collaboration will enrich its brand portfolios in the luxury sector, and help it form a relatively complete jewelry industry chain.
“This cooperation with Damiani is an important step in Yuyuan’s global strategy. In the future, we will also graft more global resources to provide more comprehensive services and products for the consumption of families in many fields such as jewelry, fashion, beauty, health care and culture,” Xu added.
“We are very proud of this joint venture with Fosun,” said Guido Damiani, president of Damiani Group. “Because we have found in them that same passion and that entrepreneurial approach at the base of our own choices. We are convinced that they are the ideal partner with which to develop our brands so they can be available for Chinese enthusiasts. The Chinese are ever more drawn to luxury and all-Italian jewelry, and are increasingly expert and aware of top quality, style and, indeed, heritage.”
Founded in 1924, Damiani Group is a family-run jewelry business based in Valenza, Italy. It also owns diamond seller Calderoni, fashion jewelry brand Bliss, high-end watch retailer Rocca and glass art brand Venini.
Yuyuan Jewelry & Fashion Group is China’s third-largest jeweler, according to the China Chain Store & Franchise Association. It owns popular Chinese brands Laomiao, First Asia, and has invested in the International Gemological Institute in Antwerp, and Paris fashion jewelry label Djula.
Its parent company Fosun owns a number of brands, including Lanvin, St. John Knits, Caruso and Tom Tailor, as well as resort operator Club Med.